Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Marcus & Millichap Tapped to Sell Two Coliving Apartments in D.C.
Marcus & Millichap has been tapped to sell Common Richardson and Common Monroe, two turnkey coliving apartment buildings located in Northwest Washington D.C.
The two properties will be the first purpose-built coliving assets to trade on the D.C. market. Common Monroe & Common Richardson are master-leased by coliving property management company Common. Common Monroe is a 16,800-square-foot coliving building that was formerly the Mt. Rona Missionary Baptist Church. Common Richardson is located two miles north in the Shaw neighborhood. Common Richardson was also recently constructed, having opened in 2017.
The coliving rental model provides prospective tenants with an affordable substitute for a traditional apartment lease. Tenants in Common’s coliving managed properties sign a lease for a private bedroom in a fully-furnished unit that includes all utilities. The all-in costs tend to save tenants between $300-$600 per month compared to a newer studio apartment in the same neighborhood.
- ◦Sale/Acquisition
